If the BHA is not properly informed of the retreat, the horse is still bound by the rules of the race and may therefore be subject to maintenance errors. Owners and trainers should be aware that it is now mandatory for owners to register their possessions of a horse if they purchase one or take back ownership, within 30 days of the transaction. For horse racing, there is a derogation in which the trainers take care of the necessary administration. There are special provisions for point-to-point horse owners who qualify for hunting races. For more information, see Section 6. If some of your racehorses are not covered by a sponsorship agreement, you can treat them as part of your VAT registration, but only if you can prove that you are actively looking for sponsors for them. The sale of shares is a tax-exempt supply. The benefits received by shareholders are not taken into account for VAT purposes. Therefore, unless the business has other taxable activities, it can only register for VAT if it meets the conditions laid down in paragraph 1.3. After registration under the scheme, the company can recover any input VAT collected for racing activities. However, the taxable person for VAT purposes resulting from the exempt supply of shares cannot be recovered. Legislation also requires that a horse`s passport be returned to Weatherbys to be updated with the new ownership details. When a horse exits training and race possession is complete, Weatherbys` property becomes the valid property recognized by DEFRA and Equine Centrale`s database.
It is a limited liability company, partnership or individual entrepreneur that qualifies as a racing club or has the characteristics of a club and invites others to become members by paying a subscription. Subscriptions will be used to purchase racehorses and, at the end of the year, excess revenues will be redistributed to members. Members benefit from benefits such as newsletter, telephone information or tip service and coach visits. It is a horse that you have a sponsorship contract and that is registered in a hunting hunt. If you get a qualified horse, it will not lose this status if it is covered by a sponsorship agreement and your intention is that it participates in hunting in the year of purchase. Only the owner of a racehorse registered with Weatherbys can register under the VAT regime. .